January 2022 month-over-month and year-over-year housing data were mixed. Total, single-family, and multifamily housing starts, multifamily permits, total and single-family housing completions, new house sales, and existing sales were negative month-over-month. Single-family starts and permits, total housing and single-family completions, and new sales were negative year-over-year. Completions continue to be restrained due to the inaccessibility of building materials and products, combined with other factors. Consequently, individual builders may be reluctant to start new projects while waiting to complete units under construction. Looking forward, the effects of inflation may impact the construction industry and this bears watching due to the potential negative influence on housing.